All Forum Posts by: Pete T.

@Andrew O I agree. I am looking at other options now as small rentals is such a grind. One bad tenant can set you back a while.

Congrats! This is the direction I want to move into next.

mls has a feature of what some properties are rented for. if you are working w/ a PM or an agent that works w/ a PM you might be able to get some insight as well.

predatory practices like selling a 50K house for 70K?- this is the problem w/ this whole law. It will prevent many people unable to buy a home from doing so, it restricts the way people can sell their property unnecessarily, and forces people to use (and pay for) services that they dont need (apprasials, etc). This law isnt protecting anyone! It was pushed by people representing the loaning industry to cut the side deals. Does an apprasial really prevent people from getting ripped off? No. You cant sell a 50k house for 70k to someone that doesnt think it is worth 70k. And if this is a law that is enforced (doubtful), streamlined processes will be created, most likely via the lenders that will have the knowledge/ability and another path to collect fees.

I would look at the situation (screening/credit) and require references (someone can speak to her previous residences) and in this situation explain that I would need the entire lease term in advance based on there job situation at a minimum! There is good reason to not move forward based on a few major red flags (needing to move in right away, no job, no references, already trying to change things). Getting out a bad tenant can be hell and very costly.

I knew where this story was going as soon as I read about how concerned they were that the place would be gone and wanting to lock it up right away. I am always interested when someone is overly excited about moving in quickly because w/ all of the tenant rights, it can be hell to get rid of them. It is sad that they have more rights than the actual owners!

0% for USDA or VA, but both have requirements (location, vet)

Also, you will need to choose your roomates even more carefully if the place is shared (ie-commonspace). People undervalue the difference separate walls/doors make.

I agree jumping in and getting started is good, but I would wait until you have more reserves built up. If you dont have 5k to put down, you dont have enough IMO to own a multifamily place where multiple repairs can happen (especially off the bat), new tenants could be flaky, etc. You need to have a plan to pay the whole amount (or some safe percentage) and have reserves for when things happen, because they will. I was just out 10k for damages (got an insurance check for most of it later), and had to make the repairs immediately- put people up in other places etc. HVAC, roofs, water happen. Just my 2 cents.

I would just say, dont rule anything out completely and look to find the best deal that meets your end goals.